Implications of the Recent Supreme Court Decisions on Non-Compliance with Rule 10 of the Rules of Professional Conduct on use of Authenticating Stamps and Seals.

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Implications of the Recent Supreme Court Decisions on Non-Compliance with Rule 10 of the Rules of Professional Conduct on use of Authenticating Stamps and Seals.

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Insolvency of an Oil and Gas Asset Holder in the Nigerian Petroleum Industry: Matters Arising [Part 1] – Peter Olalere

Introduction:

It is well known that transactions and projects in the oil and gas industry are capital intensive. Thus, stakeholders usually pool resources together to execute projects in the industry. Licensees or lessees, joint venture operators, service providers, financiers etc work together to deliver on projects. Project finance arrangements are one of the ways by which the licensees or lessees fund development of projects/assets in the industry. By the very nature of the high risk and cyclical business in which the oil and gas companies are engaged and by deploying the project finance model in some of the projects, the licensees or lessees are prime candidates for insolvency proceedings. This paper, written in a series of six in total, looks at the issues and problems that arise where a licensee or lessee of an oil and gas asset, issued pursuant to the Petroleum Act, becomes insolvent and the creditor, usually the financier, initiates insolvency proceedings and seeks to take over the ‘mortgaged’ assets.